You’ve finally found the perfect engagement ring. Its color is stunning, the shine is brilliant, and the price fits within your budget. All your searching has finally led you to your dream ring and nothing will ruin this moment - until you realize you don’t have engagement ring insurance.
It’s likely you’re probably not thinking about ring insurance when your fiance slides the ring onto your left hand… but should you be thinking about it? Is it important to have?
If so, when should you get it? What happens if your ring isn’t insured? What protections are in place if you damage your ring, lose your ring, or worst-case scenario, someone steals it?
Obviously, there are a lot of questions that get brought up when it comes to ensuring the safety and worth of your ring. We know how important this ring is to you and so we here at June have teamed up with Jewelry Wise and Jewelers Mutual to answer all your questions about what jewelry insurance is and why you need it.
Our goal is to help take away all the stress away from the “what ifs” so you can focus on the “I do”.
Just as no one ever plans to be in a car accident - no over ever plans that anything bad will happen to their engagement ring.
Jewelry insurance (or engagement ring insurance) is a policy you purchase that protects your ring from loss, damage, and theft by covering the expenses that would occur in any of those situations.
This means that engagement ring insurance will allow you to have money to repair or even replace your ring in case of disaster.
Can you imagine if you looked down at your ring and your stone was missing or your entire ring was gone? If you didn’t have a policy the cost to repair or replace the ring would be the same cost as you originally paid. Ring insurance helps you live with peace of mind knowing that if something bad does happen to your ring - you will get help covering the expenses.
There are several ways you can insure your engagement ring. If you have an existing renters or homeowners policy you can purchase something called a “rider”. A rider is essentially an optional extension you can add on to your policy that will provide greater coverage and protection from additional kinds of risk.
The majority of homeowners and renters policies cover most items inside your home, however, they are limited to the dollar amount they can cover. Sometimes more expensive or meaningful items like engagement rings are not covered through your typical policy - so if you do decide to go this route - look into adding a rider to your policy.
Another option is to insure your ring through a company that specializes in jewelry insurance, like Jewelers Mutal. These companies often offer more coverage than a standard homeowners policy, such as replacing a lost or stolen ring instead of paying a set amount of cash.
One big advantage of going this route is that they only insure jewelry—not cars, boats, or homes. This way, if you do end up using a claim for your engagement ring, you don't have to worry about all of your insurance costs skyrocketing - because who wants that?
Would you drive a car without insurance?
I hope the answer to that question is no… but really you can and should get a policy on your engagement ring as soon as you purchase it and have it in possession!
The sooner you get insurance on your ring, the sooner you can relax about all the worst-case scenarios.
One of my best friends got engaged last August and she never even thought twice about engagement ring insurance - big mistake. She lost not one but two diamonds from her ring in a matter of six months after she got the ring… TWO diamonds!
All of this happened before they were even married and because they didn’t have jewelry insurance and the warranty they purchased didn’t cover loss, they had to pay out of pocket to replace those diamonds.
Not a great way to start your happily ever after right? So do yourself a favor and start looking at policies before you even purchase your ring! Your fiancee and your wallet will thank you later.
Like I mentioned before, you can turn to the company that insurances your home or where you’ve taken out a renters insurance policy - but sometimes these places don’t offer the best policy and you may run the risk of jacking up your rates.
I recommend looking into a Jewelry Insurance company who specializes in protecting your ring.
Here are some of our favorites:
Jewelers Mutal is endorsed by the American Gem Society. We love them because they allow you to work with your jeweler and decide what you want your own deductible to be. They also cover all types of loss and repairs.
Lavalier is great because they give couples their first 30-days of coverage for free. Beyond that their prices are still extremely reasonable and they cover repairs once you’ve exhausted your jeweler's warranty.
JIBNA Jewelry Insurance offers $50 premiums, which is super low. They even insure your antique jewelry, as long as it’s able to be appraised. This is a smart option for those who decide to wear their grandmother’s ring or any other family heirloom.
Insurance costs will be based on the value of your ring. Basically, the more expensive the ring, the more expensive it will be to insure.
The cost will also be affected by the kind of coverage you purchase, meaning how much protection you want for your ring. According to Jewelry Wise, the typical rule of thumb is to “pay around $1-2 for every $100 of your ring’s replacement value.”
For example, if your ring is worth $2000 you’ll probably pay around $40 a year.
Even if you aren’t sure you want engagement ring insurance you should go through the process of getting a quote. Quotes are free and allow you to see how jewelry insurance may fit into your budget. You won’t regret it.
Because ring insurance policies don’t have deductibles, you’re going to have a higher premium, but for the most part, jewelry insurance is surprisingly affordable. Your ring is priceless to you - so it really is worth any cost.
Keep in mind that if you decide to move, your premiums may change and you may need to make adjustments with your insurance company.
With the right insurance company, getting a quote for a policy can be super easy!
Some of the companies we listed above, such as Jewelers Mutual, have a free quote application on their website you can fill out it in minutes.
The trick is to have your ring appraised ASAP, which will make getting a quote easier on you and the Insurance company.
Remember: It’s important to shop around for policies just like you do for rings. Look at reviews, talk to jewelry experts, ask your friends, and get educated. Remember not to settle and check all the bases you want to be covered.
Protect Your Bubble, a jewelry insurance company in the UK, just completed a study in 2017 and found that in the last 5 years couples had misplaced or damaged a combined £3.2 billion (4.1 billion U.S. dollars) worth of engagement and wedding rings.
That’s a lot of money.
While you never want to assume the worst - what’s stopping you from being prepared for it? As much as we like to believe we are on top of things, life happens sometimes. Nothing is more valuable than your happiness and peace of mind.
Don’t let the stress of what could potentially happen to your ring get in the way of planning your dream wedding and marriage. Life is unexpected and while we don’t want to hope for the worst, we can definitely prepare for it.
Your ring holds more value than you could ever pay for, so why not do all you can to protect it?